It's been a really long time since I've written about anything purely political. But I came across this interview on CNBC with Rep. Paul Ryan, a member of Pres. Obama's debt commission.
Ryan has been talking a lot lately about how to get the country out of its current debt crisis.
His upshot: "We got to get the entrepreneurial economy started again."
"We're replacing basic free enterprise with crony capitalism, where you have big business using their largesse and their connections with big government to stack the deck in their favor," Ryan says. "To have the rules set for the incumbents in business, which are to erect barriers to entry against other would-be competitors that would knock them off the top of the hill. So I'm really worried that many of us are confusing being pro-market with being pro-business. We need to have a free enterprise system where everybody has access to capital markets."
That's a key distinction. The reputation of conservative elected officials is that they are pro-business. Certainly some of them are. But what Ryan demonstrates is that sound fiscal responsibility consists in being pro-market -- i.e., in favoring equal opportunity. That means cutting back on subsidies, cutting back on throwing dollars at certain individual companies or sectors, and simply allowing the market -- which is composed of individual entrepreneurs, inventors, and producers -- to do what it does best.
This doesn't mean producers in the market will not be held to account if they behave criminally. Laws are in place for a reason and they should be enforced. But what we have gotten away from in America is a sense of independence. The idea that the key to prosperity and happiness is freedom and liberty to prosper oneself and one's family. If the nation is to climb out of its current debt situation and the current recession, it will be individuals, families, and local communities -- the private sector, not the public sector -- that do it.
Here's Ryan's conversation on CNBC.
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The discussion reminds me of something my best man Brandon Kraft wrote in his (and formerly also my) blog Catholic Thinker about the difference between working for good and working for greed. The illustration he cites is Gordon Gekko from the 1987 film Wall Street. Certainly that is a good, albeit fictional, illustration of the vice and certainly it is an accurate portrayal of some on Wall Street.
I would add that greed is not just in the private sector. It is everywhere. No government can spend itself into trillions of dollars in debt without being greedy. And it is my opinion that most private consumers are smart and know greed when they see it (more so than the government, I'd wager). Greed doesn't pay in a marketplace populated by consumers with a moral compass.
So again, the point is that to be a supporter of a free and unencumbered market is not the same as siding with unethical Wall Street hacks and big business. Often, as Ryan makes plain, it is the very collusion of such types with the government that make it difficult for up-and-comers to prosper themselves and build a good life for themselves and their families. A free market, as distinguished from crony capitalism, is crucial to addressing what may become the growing problem of poverty in the United States.
